In this episode of Know Power, hosts Noha and Mike are joined by energy finance expert Thomas Meric, formerly of Janney Montgomery. They explore how political pressure, regulatory constraints, and supply chain issues are shaping power markets, new builds, and nuclear deployment. Thomas explains the capital hurdles in energy investment, shares his view on the role of RTOs, and examines the challenges with labor, permitting, and project financing. The conversation highlights the shifting economics of batteries, the policy “whipsaw” impacting innovation, and what it will take for nuclear and other technologies to scale.

Guest bio:

Thomas Meric was a Director covering energy in Janney’s Equity Research Group. He provided comprehensive and asset-level analysis of sectors and companies, with a focus on nuclear, IPPs, solar, renewable fuels, and wholesale power market technology. He delivers institutional clients with insightful, differentiated, and actionable opinions through a specialized, deep-dive approach.

Prior to joining Janney in 2022, Thomas spent six years in various research roles at Capital One Securities, including most recently as a Senior Analyst covering alternative and renewable energy. Before that, he spent four years on the Oilfield Service research team.

Thomas holds a B.A. from Washington and Lee.

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[00:01:19] Thomas Meric's career path and focus on power and nuclear markets

[00:03:45] What a stock analyst does in the energy sector

[00:06:11] State pressure and the political role in shaping RTO outcomes

[00:08:22] The significance of the Shapiro settlement and capacity auction dynamics

[00:11:12] State vs. RTO responsibilities and finger-pointing in energy pricing

[00:13:00] Trade-offs between technologies in solving the energy crisis

[00:14:12] Why labor is a major pinch point for infrastructure deployment

[00:18:13] How investors perceive risks and blind spots in clean energy buildout

[00:20:00] Financing and permitting constraints that slow project development

[00:23:36] How interest rates and revenue uncertainty affect battery deployment

[00:26:48] The complementary roles of batteries and dynamic loads like data centers

[00:29:05] Capital intensity and financial risk in building AI-driven infrastructure

[00:31:48] Youth AI adoption, overreliance, and educational impacts

[00:35:05] Implications of repealing IRA provisions on renewables and policy stability

[00:40:52] Domestic manufacturing headwinds in the wake of changing incentives

[00:43:26] How to categorize and evaluate future nuclear technologies

[00:45:22] Lessons from Vogtle and the risk syndication approach for AP1000

[00:52:08] Advanced reactors, NRC hurdles, and the definition of safety

[01:00:30] Why advanced reactors face a permitting—not financing—challenge

[01:04:35] Valuing reliability and emissions attributes in energy markets

[01:06:45] RTO price signals, capacity markets, and distorted incentives

[01:10:54] How political interference undermines trust in energy governance

[01:12:18] Why grid operators deserve more credit for reliability under stress

[01:14:04] Thomas’s “magic wand” solution: price the attributes, let markets work

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Noha Sidhom

Mike Borgatti

Gabel Associates

The Price of Power: Thomas Meric on Policy, Investment, and Infrastructure